Asian Markets Update: Tokyo Ends Lower After Major Insurer Bankrupts - TheStreet

TOKYO -- Returning from a long holiday weekend, Japan's equity markets finished lower Tuesday after one of the country's biggest insurers filed for bankruptcy.

The

Nikkei 225

closed down 166.5, or 1%, to 15,827.7, and the

Topix

index, which includes all shares listed on the

Tokyo Stock Exchange

, fell 20.5, or 1.4% to 1482.6.

Insurer

Chiyoda Mutual

filed for bankruptcy on Monday. Although the failure was largely expected, the news weighed on financial shares.

Tokai Bank

, which had tried to save Chiyoda, fell 7 yen, or 1.2%, to 555 ($5.98).

But technology shares put in a less-than-inspired performance as well.

Sony

(SNE) - Get Report

closed down 90 yen, or 0.8%, to 10,650, and

NEC

(NIPNY)

tanked 105 yen, or 4.4%, to 2,270.

Telcos also fell, with

Nippon Telegraph & Telephone

(NTT)

closing down 20,000 yen, or 1.7%, to 1.18 million and wireless operator

NTT DoCoMo

ending down 110,000 yen, or 3.3%, to 3.22 million.

The dollar was trading down lower at 108.51 yen.

Elsewhere, South Korea's

Kospi

index closed down 0.8 points, or 0.1%, to 588.3 and Hong Kong's

Hang Seng

index fell 139.4, or 0.89%, to 15,554.1, as heavyweight

China Mobile

(CHL) - Get Report

continued its 5.5% slide from Monday. The shares fell HK $0.25, or 0.5%, to 55.50 ($7.12).

Taiwan's stock market was closed for a holiday.